You are here: Home - News -

Housing market remained resilient in August amid rising prices – ONS

by:
  • 18/10/2016
  • 0
Housing market remained resilient in August amid rising prices – ONS
The UK property market remained resilient in August as average prices grew on a monthly and yearly basis in the wake of the UK's decision to leave the European Union, government statistics reveal.

Between July and August, house prices grew by 1.3%, or £3,000, to reach an average of £219,000. Annually, prices rose by 8.4%, compared to 8% annual growth in July and 9% in June.

England continued to be the main contributor to rising value of UK homes, at an annual growth rate of 9%, pushing up the average cost of an English home to £236,000. Scotland and Wales lagged behind with annual house price rises of 4% and 3% respectively, placing both countries on an equal footing with an average property price of £145,000. In Northern Ireland, the average home was priced at £123,000.

The east of England was the region which showed the highest annual growth, with prices increasing by 13% in the year to August. Growth in the South East was the second highest at 12%, followed by London at 12%. The lowest annual growth was in the North East, where prices increased by 3% over the year.

London continues to be the region with the highest average house price at £489,000, followed by the South East and the east of England, which stand at £318,000 and £277,000 respectively. The lowest average price continues to be in the North East at £127,000.

Andy Knee, chief executive of LMS, said: “The growth of average house prices underlines that, in spite of the economic and political turbulence of the summer, confidence in the UK housing market remains strong.”

Knee said that while price rises in August were driven by the east and South East of England and London, it was reassuring in uncertain times to see growth across the country as each region had witnessed house prices rise year-on-year by a minimum of 3%.

The local authority showing the largest annual growth in the year to August was Newham, where prices increased by 24% to stand at £373,000. The lowest annual growth was recorded in Aberdeen, where prices fell by 9% to stand at £176,000.

A survey from the Royal Institution of Chartered Surveyors, carried out in September, which provides insight into future market activity revealed a rise in new buyer enquirers for the first time since February.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
buy to let
Hinckley and Rugby BS launches offset deal and buy-to-let fix

Hinckley and Rugby Building Society has added to its range with an offset deal and a fixed rate buy-to-let mortgage.

Close